Expert Panel: Asset Allocation 4.0 – Global vs. Local Managers, Co-Investments vs. Direct, Risk vs. Return


Moderator: Al Samper, Adviser, CERN Pension Fund

Suman Gera, Senior Director, International Portfolio Management, TIAA-CREF

Jesus Arguelles, Portfolio Manager, Ontario Teacher's Pension Plan

Mary Morris, CEO, Virginia College Savings Plan

Mary runs different types of programs for the state Virgina, they have the largest college savings plan in America with $43bn AUM. One of their biggest challenges is predicting college costs. She is a former state treasurer and a former bond lawyer.

Jesus works in the private equity portion of the Ontario teacher's pension plan. Overall the plan has $130bn AUM. They are Global investors with offices in Canada, London, and soon Hong Kong. They 35 people focused on direct investments.

Suman works in the Global real estate area and have almost $50bn invested in real estate, half of it equity and half of it debt. She is responsible for advancing Latin America and Asia platform. They have 13 people in the London office with EU investments of over $3bn. With various satellite offices around the US.

The question was placed of who is presently invested in Latin America.

Mary added a number of different strategies in the past 6 years, High Yield fixed income, 15% allocation to alternatives, within the PE part, they are investing in fund of funds. PE is 60% US and 40% non-US. Within the 40% it is 15% emerging market.

Jesus adds that they currently don't have exposure to any Latin American funds. They are looking and are currently doing it through fund of funds.

Sumon is not directly invested in Latin America. One of the funds had minor investments in Brazil. They were wanting to partner with local operators that had boots in the ground. As a joint venture and after accumulating a few deals, they would put boots on the ground. They put alot of bids out with focus on Rio and Sau Paulo.

 

 

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